Transparent supply chain management is now a lot easier with Blockchain technology!

Evolving technologies like the blockchain do have many potentials helping drive transparency in many sectors and one of them is the supply chain. The best thing about this kind of technology is that it presents the supply chain operators with promising opportunities. As per a Supply chain management service provider, implementing blockchain in the supply chains will enhance the process by making it more transparent and reducing administrative costs.

Basics of blockchain technology –

What makes blockchain very interesting is that every network member of the chain is validated in a proper manner in real-time before being added to the network. The entire process of securing data in the blockchain network is completed by using a system of keys such as private, public, and receiver ones.

Primary benefits to supply chain –

·  Transparent management of material supply chain with increased traceability.

·   Counterfeiting grey market trading and help lower losses significantly.

· More compliance over outsourced contract manufacturing and improving product visibility.

·  Very less administrative costs and almost negligible paperwork at the same time.

According to a Leading blockchain service provider in India, Blockchain works on a distributed network and has millions of users enrolled in the network from all across the globe. This technology allows every user of the network to easily add information to the network and the data being added in the blocks are highly secured which is only made possible using cryptography.

Implementing blockchain in supply chain management can help in –

· Monitoring advancements: A supply chain that works on blockchain technology can help you in monitoring product prices, location of delivery, quality control, and several other relevant things that could be effectively managed in the supply chain. With the advanced monitoring system traceability of materials in the supply chain will be increased and the losses will decrease drastically.

·    Bring in new opportunities: According to the Best Blockchain development company, with the increased popularity of this technology, many large companies have started exploring new opportunities presented by it and most of that lies outside the circumference of the financial sector. For being more transparent some of the large supply chain service providers have already started experimenting with new and innovative blockchain services.

·     Create more value: A supply chain holds a value of its own, and integrating it with blockchain will certainly help in driving more value by reducing costs and risks associated with the process. This revolutionary technology could even help in increasing traceability in terms of material supply in order to ensure that standards are met accordingly and can even lower losses from grey market trading, reduce the paperwork, improve visibility, etc.

·    Traceable and immutable record-keeping: With blockchain, data remains immutable and highly traceable as digital signatures are required to confirm the ownership of information. Multiple companies can work with each other by using the blockchain system as the data will be stored in the blockchain network and will allow complete management of product history in the supply chain. Once entered, these data can never be altered and will become highly traceable as well.

Concluding up, blockchain technology can help strengthen the supply chain operations by marking the inventories with RFID tags or otherwise known as product codes helping in adhering to the GS1 standards that are accepted globally. Suggested by the Best Blockchain development company, integrating blockchain in supply chains can help the suppliers log in the orders and confirm to the retailer that the order is received with a complete transaction record.